Malaysian forestry and timber products company Samling Global has fixed the price of its Hong Kong initial public offering at the top end of the range at HK$2.08, allowing it to raise the maximum $280 million. The outcome was entirely in line with expectations after overwhelming demand from both institutional and retail investors.
If the interest persists after the stock starts trading on March 7 and the 15% overallotment option is exercised in full, total proceeds will rise to $322 million.
Investors were keen on the companyÆs growth prospects amid increasing demand for timber and tight supply û a combination that analysts expect will lead to a sustainable rise in selling prices this year....
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